Torquay have new owners as deal with Bryn Consortium completed

Gulls out of administration as the takeover has been confirmed

After the club’s administrators finalised the agreement with the Bryn Consortium today, Torquay United now has new owners in an official capacity. This morning, a joint statement from the administrators and the Bryn Consortium confirmed that the club had been sold and that the creditors voluntary agreement (CVA), which calls for the full payment of all tax obligations as well as trade and football creditors within the next six months, had been approved.

Along with the departure of George Edwards and Mel Hayman, the club’s former owner Clarke Osborne, Jon Gibbes has been appointed as the new finance manager and secretary.

According to the statement: “The agreement sees the Bryn Consortium, which is made up of Tom Allen, Matt Corby, Michael Westcott, and Mark Bowes-Cavanagh, , Rob Hawes, and Simon Robinson, take on 93% of the shareholding of Torquay United AFC Limited, with around 600 Torquay United fans owning the remaining 7% from historic share issues.

The remaining consortium members have been appointed as board directors, with Bowes-Cavanagh and Westcott serving as co-Chairs. Sam Barnes (compliance and law), Joe Lovell (interim CEO), and Neil Warnock (football) are joining the board as non-executive directors. Jon Gibbes has been named finance manager and club secretary. Mel Hayman, George Edwards, and Clarke Osborne have all stepped down as directors.
“We are thrilled that creditors have accepted the administrator’s thoughtful proposal and that the transaction is now complete,” Bowes-Cavanagh stated. It now enables us to collaborate with Plainmoor employees and quickly carry out our goals. We would want to express our gratitude to all of the staff members who have been working incredibly hard under extremely trying conditions over the past few months.
“We are thrilled that creditors have accepted the administrator’s thoughtful proposal and that the transaction is now complete,” Bowes-Cavanagh stated. It now enables us to collaborate with Plainmoor employees and quickly carry out our goals. We would want to express our gratitude to all of the staff members who have been working incredibly hard under extremely trying conditions over the past few months.
“Over the past few weeks we have developed a close working relationship with the administrators from Begbies Traynor and we thank them for their pragmatic and professional handling of an extremely complex process,” stated Westcott, who headed the consortium throughout the buy-out process. We are eager to continue working on the project and getting ready for the upcoming season. In the upcoming days, we plan to make a number of announcements regarding events both on and off the pitch.

Begbies Traynor’s Exeter office partner and joint administrator, Scott Kippax, stated: “This is an excellent outcome for this historic football club, its fans, and the creditors.”

“It is always really fulfilling to be able to turn around extremely challenging conditions for the club, and we are appreciative of everyone who has put in a great deal of effort to get here. We wish the Bryn Consortium all the best as they move the club forward, as they have shown a complete dedication to serving the interests of all stakeholders.

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